Shanghai Media Group (SMG) subsidiary Shanghai BesTV's 2010 revenues exceeded RMB 500 mln in 2010, according to an industry source, with approximately 70% derived from its IPTV revenue share with China Telecom (NYSE: CHA; 0728.HK). The source added that BesTV's revenues are expected to double the next several years as China's IPTV, internet TV, and mobile phone TV users continue to grow.
BesTV's net profit reached RMB 119 mln in 2009 and continued to show rapid growth in 2010. One SMG shareholder estimates that BesTV's net profits will reach RMB 185 mln in 2011 and RMB 408 mln in 2015.
According to figures from Chinese media news portal lmtw.com, BesTV and China Telecom's IPTV joint venture had over 5 mln users in 2010.
Editor's Note: According to earlier statistics released by China's State Administration of Radio, Film and Television (SARFT), BesTV and China Telecom's IPTV business saw nearly RMB 400 mln in revenue, with net profit exceeding RMB 200 mln in 2010. For more information on this topic, please see "China's 2010 National Broadcasting Revenue Hits RMB 210 Bln," MD 4/02/11 issue.